The Business Research Company’s report on the Maritime Safety System Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the maritime safety system market in recent years?
The growing maritime trade and transportation are expected to propel the maritime safety system market. The increased well-being of consumers leads to increased production. The lower emissions on long voyages, maritime trade, and transportation assist producers in remaining competitive. The volume of products moved on a single trip is greater, making sea transport more cost-effective and environmentally friendly than other methods of shipping goods over long distances. For instance, in July 2023, according to the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based UN agency, maritime trade volume will grow by 2.4 per cent in 2023. During 2022, containerized trade, measured in metric tons, declined by 3.7 per cent. UNCTAD projects it will increase by 1.2 per cent in 2023 and expand by over 3 per cent during the 2024–2028 period. In 2022, oil and gas trade volumes witnessed robust annual growth rates, of 6 per cent and 4.6 per cent, respectively. Therefore, the rising maritime trade and transportation will drive the growth of the maritime safety system market.
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What is the projected market size of the maritime safety system industry, and how is it expected to grow?
The maritime safety system market size has grown strongly in recent years. It will grow from $20.82 billion in 2024 to $22.04 billion in 2025 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to international maritime regulations, growth in global shipping, maritime accidents, rising concerns about piracy, environmental protection.
The maritime safety system market size is expected to see steady growth in the next few years. It will grow to $26.29 billion in 2029 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to investment in port infrastructure, emerging autonomous vessels, collaboration with coastal authorities, insurance requirements, security threats in maritime. Major trends in the forecast period include digitalization of maritime operations, integration of artificial intelligence, remote monitoring and telematics, digital twins for vessel safety, satellite-based communication, emergency response automation.
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Who are the key players driving competition in the maritime safety system market?
Major companies operating in the maritime safety system market include Anschutz GmbH, Honeywell International Inc., Elbit Systems Ltd., Saab AB, OSI Maritime Systems Ltd., BAE Systems plc, Thales Group, Smiths Group plc, Northrop Grumman Corporation, Westminster Group Plc, L3Harris Technologies Inc., Kongsberg Gruppen ASA, Leonardo S.p.a., Atlas Elektronik GmbH, Airbus SE, Terma Group AS, Nuctech Company Ltd., ARES Security Corporation, Rolta India Ltd., HALO Maritime Defense Systems Inc., Lockheed Martin Corporation, General Dynamics Corporation, Harris Corporation, Safran S.A., FLIR Systems Inc., Garmin Ltd., Furuno Electric Co. Ltd., Japan Radio Co. Ltd., Wärtsilä Corporation, Signalis SA, SRT Marine Systems PLC, Consilium Strategic Communications Ltd., MarineGuard Systems Ltd., Martek Marine Ltd., HENSOLDT UK
What key trends are expected to drive the marine plywood market during the forecast period?
Major companies operating in the marine safety system market are developing new products such as single-man portable subsea ROVs to meet larger customer bases, more sales, and increase revenue. Single-man portable subsea remotely operated vehicles (ROVs) are compact, remotely controlled underwater vehicles designed for underwater inspections, maintenance, and tasks in environments that are difficult for humans to access. For instance, in June 2023, SeaDrone Inc., a US-based provider of sub-sea inspection solutions, launched SeaDrone MINI, the most recent addition to their series of compact, one-person-operable subsea remotely operated vehicles (ROVs). A distinctive aspect of this product is that it serves as a professional-grade ROV suitable for users with varying levels of experience. The MINI ROV is equipped with four 96-Wh batteries and is airline transport-compatible. Additionally, users have the option to employ a 400-W hybrid surface power system to extend the robot’s mission duration indefinitely. The standard MINI robot comes with a wide-angle video camera that can capture 12-megapixel still images and record video in 1080/30p H.264 format. It features depth and AHRS sensors that enable automatic control of depth, heading, roll, and pitch in all control modes. The integrated GPS functionality allows for the geotagging of photos, and videos, and the marking of saved landmarks.
Which key geographies are driving the growth of the maritime safety system market?
Asia-Pacific was the largest region in the maritime safety system market in 2024 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the maritime safety system market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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What are the key segments driving growth in the maritime safety system market?
The maritime safety system market covered in this report is segmented –
1) By System: Ship Security Reporting System, Automatic Identification System (AIS), Global Maritime Distress Safety System (GMDSS), Long Range Tracking and Identification (LRIT) System, Vessel Monitoring and Management System, Other Systems
2) By Application: Loss prevention and detection, Security management, Counter piracy, Coastal monitoring, Safety of ship, Pollution Prevention and Response (PPR) management
3) By End User: Government Institutions, Oil & Gas, Marine & construction, Shipping & Transportation, Cargos & containers, Other End-Users
Subsegments:
1) By Ship Security Reporting System: Real-time Ship Reporting, Incident Reporting
2) By Automatic Identification System (AIS): Class A (AIS), Class B AIS
3) By Global Maritime Distress Safety System (GMDSS): Search and Rescue Equipment, Emergency Position Indicating Radio Beacons (EPIRB), Maritime Safety Information (MSI)
4) By Long Range Tracking and Identification (LRIT) System: Satellite-based Tracking, Coastal Tracking
5) By Vessel Monitoring and Management System: Fleet Management, Navigation Systems
6) By Other Systems: Radar Systems, Surveillance Systems, Communication Systems
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How is the maritime safety system market defined, and what are its core characteristics?
The maritime safety system refers to planned solution and services implemented by shipping companies to ensure ship and marine environment safety. MSS aims to alert the system about the position and safety-related concerns about the ships in the vicinity, search and rescue coordination, and protection from terrorism, piracy, robbery, illegal trafficking activities, and others.
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